Logic (and my resistance level previously posted) were tested today: but sentiment won over (Thank you Ben Bernanke). Stocks are parked at or darn close to resistance not seen for some since last year at this time. You know there are a lot of bag holders out there who have been waiting a long time to break even; so why not sell into those levels? I might be sorry for it, but market sentiment is in the bull's court right now. So, maybe the market needs some consolidation at these levels; maybe ratchet around plus or minus a half percent or so around the 1328 level in the S&P before going higher, or possibly continue grinding higher with some short covering along with the buyers fearing being left out of the upside.
We'll see. But my hand is on the trigger.